轻工纺服行业周报：三季报业绩分化，关注软体家居及纺织制造行业韧性

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The report highlights a divergence in third-quarter performance, with a focus on the resilience of the soft home furnishings and textile manufacturing sectors [1] - The light industry is expected to benefit from favorable policies and a recovery in real estate, leading to improved consumer sentiment and demand [1] - The home furnishings sector is experiencing a recovery in retail, with leading companies showing temporary pressure in their third-quarter reports, but overall demand is expected to improve [1] - The paper and packaging industry is entering a peak season, with strong performance from leading companies, and prices are showing a slight upward trend [1] - The textile manufacturing sector is seeing steady growth, with leading companies reporting significant revenue and profit increases [1] Summary by Relevant Sections Light Industry - Beneficial policies and a recovering real estate market are expected to enhance consumer enthusiasm, particularly in home furnishings [1] - The home furnishings sector is recovering, with leading companies like Mousse maintaining positive revenue and profit growth [1] Textile and Apparel Industry - The overall consumption environment is showing signs of weak recovery, with policies aimed at boosting domestic demand [4] - Several apparel brands reported positive profit growth, with notable increases from brands like Jiumuwang [4] - The men's apparel market remains stable, with consumers focusing on quality and classic styles [4] Paper and Packaging - The paper industry is entering a peak season, with leading companies showing strong performance [1] - Prices for corrugated paper have increased slightly, indicating a positive market trend [1] Cross-Border E-commerce - The global e-commerce market is growing rapidly, with significant opportunities in cross-border e-commerce platforms [7] - Leading companies in this sector are expected to benefit from seasonal sales peaks [8] Investment Recommendations - Suggested companies to watch include: - Textile and Apparel: Weixing Group, Huali Group, Baoxini, and others [9] - Light Industry: Oppein Home, Zhijia Home, and others [9] - Cross-Border E-commerce: Pinduoduo, SHEIN, and others [9]